A Unfortunately, federal regulations "allow the parent to cash a bond on behalf of a minor child," says a spokeswoman for the US Bureau of Public Debt.

But there is a way to make that difficult.

Savings-bond forms have a small section entitled "where to mail the bonds." On that section, says the Public Debt spokeswoman, have the bonds mailed to yourself. Put them in a safe-deposit box. That way, no one will be the wiser. When you are ready, turn the bonds over to the child.

For additional information, call the Bureau of the Public Debt at 800-480-6112.

Q What do you think of penny stocks?

- A.W.,

Tracy, Calif.

A Most stock experts avoid penny stocks - generally considered those selling for less than $5 a share - as risky and dubious investments.

Andrew Tobias in his investment book "The Only Investment Guide You'll Ever Need" says you are "all but certain" to lose money with them.

But they have their fans too.

"Generalizations are very bad, because you have to look at each and every [penny-stock] company," says Harry Eisenberg, who has just published a list of 500 penny stocks in "Walker's Manual of Penny Stocks" (800-932-2922, $45).

"Some penny stocks have real value, some are just not worth anything," says Mr. Eisenberg.

More than 8,000 penny stocks are traded in the US, he says, of which some 1,700 are listed on the Nasdaq market.